Are you proficient in your lead scoring methods?
Not all leads are equal. You can identify which leads are ready to convert and which need more nurturing by adopting lead scoring. There are two types of lead scoring methods: traditional and predictive.
Traditional Lead Scoring Methods
Many organizations use a traditional lead scoring method when first introducing lead scoring to their business. Predetermined criteria assign a score value to each lead. This criteria includes both explicit and implicit data.
Explicit data focuses on the data the prospect provides (industry, company, service area, title, budget etc.). Implicit data reflects the prospect’s behaviors (web visits, click through rates, repeated visits to the same sales page etc.)
You identify a numeric value for each criteria. The combined numeric value determines the prospect's lead score. If the score meets a certain threshold (that sales and marketing both agreed on) then the lead goes to the sales team for follow-up. If not, the lead continues with nurturing (based on their interest) until their lead score increases enough to meet that minimum threshold.
Predictive Lead Scores
The predictive lead scoring method uses an algorithm to determine lead quality and the likelihood of whether that prospect is prepared to make a purchase.
This algorithm incorporates behavioral and historical data from your CRM along with big data to build the ideal lead profile. The incoming leads are then scored against this ideal lead profile to determine which are most likely to convert, and which need more time.
Predictive scores are useful once you have sufficient data about how prospects interact with your marketing before making a purchase. Until there's enough data, the score will rely more on big data to anticipate likelihood to close.
Traditional and predictive lead scoring methods differ in that you do not have to assign values to each criteria when you use a predictive lead scoring model.
It can be challenging for you to figure out to get started and which approach to select. But, putting in the time to identify an effective lead scoring method is well worth your while. According to the 2016 Lead Scoring Survey Report, more than half of respondents experienced improved marketing and sales alignment from scoring, and more than 40% saw improved lead conversion rates.
The Yetis at Measured Results Marketing can guide you through the lead scoring process everywhere from consultation to implementation. Set up your free consultation today by calling us at (571) 606-3106 or sending us an email.